Take Financial Advice Before You Cash In Your ISA

Financial Advice Sutton ColdfieldIf you are considering cashing in an ISA and moving the money to a new ISA, please read this.

It is usually more beneficial to transfer an ISA to another ISA. This of course depends upon your circumstances but getting financial advice first could mean that you continue to enjoy the tax benefits on the whole amount of the investment.  The rules around ISAs say that if you invest in a new ISA you can only save up to £20,000 in the current tax year.  If the ISA you are cashing in has a value greater than this you will not be able to invest any sum over the £20,000 threshold.

It is also a good idea to get financial advice on ISAs to make sure that you are investing in the ISA most appropriate for you needs. We have a wider range of ISAs than you will have access to on the high street or online and we will be able to advise you on the interest rates and the management fees.  There is more information here.

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.

Investors do not pay any personal tax on income or gains, but ISAs do pay unrecoverable tax on income from stocks and shares received by the ISA managers.

Our Financial Advisers give financial advice on ISAs in Sutton Coldfield and across the region.  They also give advice on other tax efficient savings.  To make an appointment contact our Client Liaison Team on 0121 323 2070 or clientliaison@fouroaksfs.com.

Treating Customers Fairly Survey Goes Electronic

Financial Advice Sutton ColdfieldSo that we can continually improve what we do, we actively ask our clients for feedback.  We do this through our Treating Customers Fairly questionnaire. This survey asks our clients about our quality of service and how we can make it easier for them to deal with us.  Earlier this year we received feedback from clients saying that they would much prefer this survey to be available to complete online.

So, as of September we made this electronic and we have seen a large increase in the number of clients completing the survey.  This survey goes out shortly after we have completed a piece of work for a client.

We will always offer our clients a choice and will communicate and work with them in the way that they prefer. However, we see the benefit of using technology and have invested heavily in systems, software and hardware to assist our team of Financial Advisers who provide local financial advice in Sutton Coldfield and the wider area.

Passing On Life Skills At Aldridge School

Financial Advice Sutton ColdfieldFor the second year we have been asked by Aldridge School to give a presentation to their Year 12, Lower Sixth students.  The Financial Sector is extremely important to the UK economy and this year the school asked us to talk about careers in finance and banking, accountancy and financial services.

Our Business Development Manager, Simon Trevelyan and Financial Adviser, David Jones who provides financial advice local to Sutton Coldfield and across the Midlands region, were only too happy to help.  Simon has worked in financial services for many years and David has previously worked at Lloyds Bank, he regularly works with accountants and has spent many years in financial services. They gave two half hour presentations and answered questions from the students.

Adele Stubbs, Head Of Year 12s at Aldridge School said “I just want to say a big thank you for assisting with our presentations.  It was lovely to see you again and the students really appreciate the information you provided.”

David was impressed by the questions the students asked, saying “The Year 12s are a credit to the school.”

Following the presentations, David been asked to go back again to talk to the Core Maths students on Budgeting, Income Tax, Payslips including NI, pensions and student loans, controlling debt and mortgages.  Vicky Hughes, Career Leader at Aldridge School said, “It is great to get someone in the financial services industry to speak about things that will impact all of our students’ futures.”

Looking For Answers Regarding Your Company Pension Scheme

Financial Adviser Sutton Coldfield
Ian Cleghorn, Chartered Financial Planner

If you’ve been a member of a company pension scheme in the past, it may have been a Defined Benefit arrangement, which should provide a future retirement income that’s based on your length of service and your salary.  Defined Benefit schemes are normally considered to be the most attractive type of company pension scheme because they offer significant guarantees of future income.

But for some people approaching retirement it can be appropriate to transfer the value of a Defined Benefit pension into a personal pension plan.  Importantly, those transferring will lose these valuable guarantees but in compensation for this they can gain extra control of how and when they take their pension benefits.  Furthermore, the value of their pension transfer can be very significant, and a personal pension fund can better be protected for your children and grandchildren.

Unfortunately, some Defined Benefit pensioners have in the past been given bad advice to transfer their pension to a personal pension, and this has been widely reported in the press.  As a result of the general negativity surrounding Defined Benefit pension transfers, many financial advisory companies have taken the decision not to offer advice in this crucial area.

However, Four Oaks Financial Services remain happy to review pension options for clients who have built up future Defined Benefit pension entitlement. We have robust internal processes to ensure that the right advice is given, and as part of the Quilter network who came first in the FTAdviser 2019 top financial adviser awards, all our pension transfer recommendations also benefit from Quilter’s experts giving our recommendations a secondary check prior to any transfers taking place.

We remain of the view that, for the majority of people, the right advice is to stick with their Defined Benefit pension.  However, for some people there can be considerable merit in transferring.  Our expert advisers at Four Oaks Financial Services are available to give advice in this important area. Please contact us for financial advice in Sutton Coldfield and across the wider Midlands region.

Transferring out of a Final Salary scheme is unlikely to be in the best interests of most people.

However, there are some circumstances where we might consider a Defined Benefits transfer.

This Quarter’s Essentially Wealth Magazine Is Now Available

Financial Advice Sutton ColdfieldOur quarterly Essentially Wealth magazine is now available for you to read, please click on this link Q4 2019 Essentially Wealth Nov 2019 pdf

This is a complementary magazine full of useful information and topical articles.  In this issue we look at why keeping a clear head with your investments is important, which is timely owing to the continuing market volatility surrounding Brexit and the General Election.  On a happier note read about planning for a new arrival in the family.

We will be emailing this magazine to all of our clients in the next few days.  If you are not on the mailing list and would like to receive this and the sister publication Essentially Mortgages, please email clientliaison@fouroaksfs.com.

This Quarter’s Essentially Mortgages Magazine Available Now

Mortgage Advice Sutton ColdfieldThe latest issue of our Essentially Mortgages magazine is ready to download click on this link Q4 2019 Essentially Mortgages Nov 2019

In this quarter’s magazine we shine a light on the myth of common-law marriage and report on research into the implications for parents helping children onto the property ladder.

We will be emailing this magazine to all of our clients in the next few days, if you are not on the mailing list, please contact clientliaison@fouroaksfs.com and we will make sure you receive this.

Will You Leave Behind An Inheritance Tax Problem?

Inheritance Tax Sutton ColdfieldAs Financial Advisers we help our clients with their financial planning for the whole of their lives and for what happens after they have passed away.  Many people are going to have a problem with Inheritance Tax, or rather their beneficiaries are, when they die. Unless they take action now to address this.

Our Financial Advisers who provide financial advice local to Sutton Coldfield and across the area, help our clients with their Inheritance Tax planning.  There are many options to consider.  One is to take out a life insurance policy which can provide a sum of money to pay all or part of your Inheritance tax bill.  See the example on our Inheritance Tax Planning page.

Tax Planning and Inheritance Tax Planning is not regulated by the FCA.

Tax treatment varies according to individual circumstances and is subject to change.

Talk to your Financial Adviser about Inheritance Tax Planning or make an appointment through our Client Liaison Team on 0121 323 2070 or clientliaison@fouroaksfs.com.